Indian stock exchanges on Monday morning witnessed Patym in focus.
Why is Paytm in focus?
The share price of One 97 Communications Ltd (Paytm) dropped 5% to Rs 351.40 on the NSE and 4.99 per cent to Rs 351.70 on the BSE. 
The stock is noticed to have underperformed this year. In the past three months, the share price has plunged more than 21% and over 44% year-to-date (YTD).
Why low numbers in the stock market?
On Saturday, May 4, the President and Chief Operating Officer (COO) of the company, Bhavesh Gupta, resigned from his post. The financial services firm, announced via a regulatory filing.
The soon-to-be former COO cited personal reasons for his step-down. The company said he would be relieved from his responsibilities at the end of business hours on 31 May.
Gupta, however, will resort to advisory functions for the company within the chief executive’s office.
Paytm, on May 4 announced the appointment of Rakesh Singh as the new CEO of Paytm Money and Varun Sridhar, as the CEO of Paytm Services Private Limited (PSPL).
The company shared its leadership change via its X account and said the changes come in “as we double down on our payments & financial services offerings”.
We’re excited to announce leadership changes as we double down on our payments & financial services offerings.
Strengthening succession planning, Bhavesh Gupta transitions to advisory role while Varun Sridhar becomes CEO of Paytm Services Pvt Ltd. Welcome aboard Rakesh Singh,…
— Paytm (@Paytm) May 4, 2024
Why the resignation?
Well, the COO’s reason is personal. It is pertinent to note that the development comes ahead of Paytm’s scheduled announcement of the March Q4 results for fiscal year 2024.
It has been anticipated that the quarterly results may have been impacted as it had landed in regulatory trouble. Consequently, the Reserve Bank of India (RBI) imposed regulatory restrictions on its associate firm, Paytm Payments Bank Ltd (PPBL).
Interestingly, last month, the MD and CEO of PPBL, Surinder Chawla resigned citing personal reasons, as Gupta
and to pursue “better career prospects”. His last working day is said to be June 26 this year.
